MON crypto sheds 14% in two days—can buyers defend $0.028?

Monad’s $MON token has relinquished a significant portion of its recent gains, experiencing a decline of about 14% from Sunday through Tuesday.

Monad saw a drop from its approximately $0.034 price area, down to the $0.029 price area. It is now crucial for buyers to hold this important price floor. Doing so is necessary to stop the breakout from late September from faltering even more.

$MON gives back its recent gains

$MON began October with good momentum, as it climbed from below $0.027 to nearly $0.036, where sellers took over.

That move has since reversed with $MON trading near the $0.029 price level at the time of this writing, after falling almost 8% during Tuesday’s session. Its lowest price for the day was around the $0.0282 price level.

With the sell-off came increasing trading activity, showing that the downside was associated with considerable trading. But as with volume, why particular holders traded can’t be established.

Also, some of the $MON price trends reflect traders banking some profit after the recent $MON strength. The evidence does not suggest profit taking or that any one thing alone was responsible for the fall in value.

The price chart offers a clearer picture: buying pressure weakened after $MON failed to remain above $0.034.

Can buyers keep $MON above $0.028?

The area between the $0.028 and $0.029 price area is now the first line of defense.

$MON has bounced around this level in the past before exploding higher in late September. Additionally, its short-term price has been hovering close to the $0.029 price level, making the area more important.

That support would allow buyers a chance to consolidate. $MON would then need to regain control of the $0.030 price level to stage a possible recovery back to the $0.032 price level.

A stronger rebound could see the level at $0.034 rejected, but that too came under immense selling pressure over the weekend, so maybe traders should not hold their breath about it.

The trend becomes more bearish if $MON closes below the $0.028 price level. The next support is around the $0.0265–$0.027 price levels, where buyers drove the previous breakout.

Losing this zone will eradicate most of $MON’s latest rally, and we could see a shift toward the $0.025 price level.

For now, $MON still stays above its wider price averages despite a sharp correction. That means no complete collapse of recent upward structure yet, but little room for buyers left to absorb more selling.

Final Summary

• By Tuesday, $MON had declined about 14% from its Sunday high to trade near the $0.029 price level.
• The nearest support is in the $0.028–$0.029 price areas, followed by the $0.0265–$0.027 price areas.